Assembly Hall in Bloomington, Ind. opened in 1971 and holds five national championship banners as well as serving as a winter home for 17,472 Hoosier fans each season.

It’s one of the most iconic venues in all of college basketball, but the university is looking to improve the condition of its longtime arena, according to an extensive report from Zach Osterman of the Indianapolis Star.

On Sunday morning, Osterman posted proposed plans to renovate Assembly Hall, which could cost up to $30-$40 million.

Besides the tradition of IU basketball, part of what makes Assembly Hall unique is the arena’s seating. There isn’t circular bowl seating, and the documents Osterman and the Star obtained referenced the competitive advantages the building has over opponents.

Osterman reported that in 2007, though there were no specific plans for a replacement, the board of trustees discussed ideas for more athletic offices, a practice facility, suites and better views for spectators. Since then, IU has added the Cook Hall practice facility, and some athletic offices have been moved to the football stadium. Under Glass, the focus has been more on upgrading Assembly Hall, and less on constructing a new home.

Glass said the cost of a new arena would be $200 to $300 million. Even with fatter TV revenues footing the bill for many new investments, Indiana remains one of the Big Ten’s most moderately funded athletic departments.

The University’s Policy on Institutional Naming forbids any sort of corporate naming, so financing a new stadium that way would require the board reversing the policy.